Class III Milk Market Bounces Back
Event 229 of the Global Dairy Trade took place on Wednesday with the overall index gaining 6.7%. Rennet casein was the leader of the pack jumping 10.9% while whole milk powder came in a close second at 8.4% with a settlement of $1.37 and a quarter per lb.
Anhydrous milk fat added 5.8% to its price and butter gained 4.2% to $1.96 and three-quarters. Cheddar moved 1.4% higher to $1.61 and three-quarters while skim milk powder grew by 3.9% to $1.15 per lb.
CME spot product gains were unchanged in both the block and barrel markets. Blocks ended at $1.45. and three-quarters following one trade while barrels settled at $1.29 and a quarter after three loads moved. Butter traded twice and three-quarters of a cent higher to $2.28 and a half cents. Grade A nonfat dry milk added 2 cents following one trade, six bids and 10 offers. Dry whey regained 1 and a quarter cent after one trade and 14 uncovered bids to 39 cents per lb.
Class III milk markets were higher. February gained a penny to $13.94. March-June traded 9-16 cents while the remaining months were 1-4 cents higher. Class IV markets were up 9-20 cents in February through May while June and beyond ranged from even to 14 cents higher.